BoM Governor meets Chinese Ambassador

Ulaanbaatar /MONTSAME/ Governor of the Bank of Mongolia (BoM) B.Lkhagvasuren met with Ambassador Extraordinary and Plenipotentiary
of the People’s Republic of China to Mongolia Chai Wenruion April 3.

Emphasizing that the two countries have close economic
cooperation, Mr. B.Lkhagvasuren said China accounts for over 90
percent of Mongolia's exports and around 40 percent of its imports and informed
that talks are underway to extend the duration of the MNT-CNY swap agreement,
which was established between BoM and the People's Bank of China in 2017, this
July.

He also noted that Mongolia’s economic growth has stabilized over the
last three years, inflation rate has been within BoM’s target range, official
foreign exchange reserves have grown, and exchange rates have been stable
thanks to a program of the International Monetary Fund,even
though the country’s economy was in trouble in late 2016, due to possible
default risk.

At the end of the meeting, the BoM Governor presented to Ambassador Chai Wenrui the donations made by the central bank’s staff for the fight against Covid-19.